AS1 0.00% 0.8¢ asara resources limited

$1M is plenty for publishing a JORC resource definition when the...

  1. 4,656 Posts.
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    $1M is plenty for publishing a JORC resource definition when the drilling company is drilling for equity.

    The recent moderately determined selling has only returned us to the post-consolidation price. It occurs to me that the selling might have been Ausdrill liquidating equity while they're above water. That would make sense given that they have to cover their costs on the project, and taking a profit on the equity at the same time would be very attractive. It's encouraging that they have agreed to extend the drilling project in return for equity rather than cash. The options are still priced around anticipation of a 9c share price before January.

    If the zinc project can't be monetised in the next 3-4 months I would expect and equity raise in the June quarter. But if all our projections are reasonably accurate we'll be raising capital to develop a 1Moz resource. That should definitely attract some attention.
 
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